Striking a more conciliatory tone, Zhang said Monday that he welcomes more regulation, noting that China’s digital economy has been able to grow and innovate faster because of government policies.
Chinese officials are planning new policies and regulations to ensure the country’s platinum platform develops in an orderly and healthy manner, Zhang told China’s World Internet Conference on Monday, state news agency Xinhua reported. “We believe this is very timely and necessary,” he said.
As China’s Internet industry continues to grow, “many new problems and challenges will certainly arise,” Zhang added, and the government needs to “manage with policies and regulations that keep pace with the times.”
Shares of Alibaba’s Hong Kong stock have closed down nearly 5% since Xing’s speech.
Several monopolies were identified in the draft guidelines According to Dan Baker, an analyst at brokerage firm Morningstar, behaviors that could soon become illegal, such as traders seeking to choose only one platform for price and price discrimination for customers based on data tics analytics
Baker wrote in a note earlier this month that “the financial implications are based on post-implementation but we believe that Alibaba inherits more negative operational exposure to anti-trust rules than JD and Tencent.”
Zheng’s remarks came a month after Mae publicly criticized Chinese regulators for undermining innovation and publicly criticized the country’s banks for having a “pawn shop” mentality.
Earlier this month, before the IPO was pulled, the Chinese government announced draft rules for companies offering consumer online consumer financing, such as Antony. According to Fitch Ratings, individual borrowers of 200,000 yuan (, 7,700) are currently required to cap the loan and provide ants with 0% of the total funding from banks. On sunday.
“The move is part of a tightening of the government’s regulatory approach to large Internet organizations,” Fitch analysts wrote. Ant, Fitch added that “it concerns regulators about risks.”
– Hanna Zhang and Laura He contributed to this report.
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